new regulations for retirement visa for Americans?

[gk10002000]

1 hour ago, PoorSucker said:

1 hour ago, gk10002000 said:

And what would they accept as proof?  Some sort of monthly deposit into a Thai bank?  

According to the British embassy, yes. 

 

So showing regular transfers in eh?  How would one show transfers in if one were just starting!  There is no history yet.  And just because somebody transferred some funds in before, doesn't mean they have any proof of being able to continue transferring funds in or that they had any regular income being generated!  If somebody is just spending down a pile of cash, that could run out.  A few past transfers don't show proof of a pension or of a Social Security benefit, or a disability regular payment or in the case of stocks and bonds and funds as I have, somewhat reliable future continuing income.  I own hundreds of bonds and they surely are not going to all default!  Same with my stocks.  They are not all going to stop paying dividends!  This whole thing is going to take some time to sort out as there are so many ways it could be messed up or misused.  And if there is a way to misuse it, some farangs will misuse it, and then the backlash will be even worse.

[Unify]

According to a well known visa service company here, the CM office was indeed requiring proof of income, beyond the US affidavit, as of early August. I don't know if they're doing it for everyone, or just some people. I don't know what form of proof they're requiring.

 

The visa service company said the amount on the affidavit (which is still required), must match the amount shown on the documents used for proving income 

 

I have no first-hand knowledge, as I took care of my visa several months ago.

 

 

[Maestro]

Removed an off-topic post and the replies to it.

[gk10002000]

2 hours ago, Unify said:

According to a well known visa service company here, the CM office was indeed requiring proof of income, beyond the US affidavit, as of early August. I don't know if they're doing it for everyone, or just some people. I don't know what form of proof they're requiring.

 

The visa service company said the amount on the affidavit (which is still required), must match the amount shown on the documents used for proving income 

 

I have no first-hand knowledge, as I took care of my visa several months ago.

 

 

So a person would now bring and have to list brokerage account numbers, show stock and bond assets with the numbers of shares, and estimated dividend and interest income.  Not impossible, but now the Thais know somebody has XXX money, or is a millionaire, has their primary bank and brokerage account numbers and other information.  Doesn't sound good to me.  Information can be abused

[EVENKEEL]

Understand 800,000bht in a Thai bank for 3 mos. but if you go with monthly statements of 65,000,mo How many months worth of statements are needed before you apply?

[Scott]

An off-topic post has been removed.   This thread is about the US. 

 

[marcusarelus]

8 hours ago, gk10002000 said:

Why not put 800k baht in a thai bank you ask:  Some reasons: 

1: that now requires one to report the over $10k in a foreign account to the US.  Some people don't like telling the government any more than necessary

2:  that ~ 25,000 USD can remain invested safely in the USA earning dividends or interest

3:  Some people prefer not to have large amounts of money in a foreign country where transferring money in and out may be a problem

4:  Even if you park the 800k baht in a Thai bank, one presumably is still transferring or carrying in funds in to Thailand to live on.  I don't like dead money just sitting

FBAR report takes 5 minutes and is done by computer.  What bank in the USA would the government not know your balance?  Banks in Thailand are safe check record. Keep your inbound receipt and withdrawing money no problem.  Money earning interest in a bank account is not dead money.  You only need it in the bank for 3 months.  25 grand is not a large amount of money for a person who can pull up stakes and not rely on nanny to take care of him. 

[mtls2005]

10 hours ago, NCC1701A said:

why not just park 800k in Bangkok Bank and think of it as cost of living in Thailand. So easy to give immigration statements from them.

 

So it's OK to just leave this 800,000 in an account here throughout the year, and not show any subsequent withdrawals & deposits? Does Immigration require any additional details on the source(s) of the money you use to live on during the year? Will this lead them to suspect you may be working here illegally?

 

Do you get your letter from Bangkok Bank verifying your account on the day of your application? Can you do that at the BBL branch within Chaeng Watthana? And do you make some small deposit to show that the bank book has been updated around the time of your application?

 

FWIW, I successfully renewed my annual extension of stay based on retirement on 25 Sep 2018 at Chaeng Watthana using the U.S. Embassy Affidavit of Income. I did have supporting documentation - 2017 Tax documents - which accurately supported the stated monthly income figure, but these were not asked for. Oddly, this year I had to hand-draw a map of my residence - I did have a Google Maps printout and Streetview and photo - but the IO asked me to draw the map, which was a first.

 

 

 

 

Edited October 10, 2018 by mtls2005

[ubonjoe]

A post with only a modified quote of a post has been removed.

Forum rule.

Quote

2. Please do not modify someone else's post in your quoted reply, either with font or color changes or wording. Such posts will be deleted and the user warned.

 

[NCC1701A]

9 hours ago, gk10002000 said:

Why not put 800k baht in a thai bank you ask:  Some reasons: 

1: that now requires one to report the over $10k in a foreign account to the US.  Some people don't like telling the government any more than necessary

2:  that ~ 25,000 USD can remain invested safely in the USA earning dividends or interest

3:  Some people prefer not to have large amounts of money in a foreign country where transferring money in and out may be a problem

4:  Even if you park the 800k baht in a Thai bank, one presumably is still transferring or carrying in funds in to Thailand to live on.  I don't like dead money just sitting

Those are all good reasons for you. But I live in Thailand 24/7 and never leave. Having 800,000 baht is a good source of emergency money in country. I report all my foreign accounts to the IRS no matter what the balance so there is no misunderstanding. And that way they know I am not depositing money from some unreported source. 

My $25k is earning interest. The income covers all my immigration fees.

there is no problem transferring money out of Thailand. you just go to the bank and withdraw the money and get on the plane.

As for dead money, I get that, but I am also lazy, so the money is "working" for me by not have to do much of anything come renewal of my extension of stay. and for me $25k is not that much to worry about. my total time per year dealing with immigration is about 2 hours.

[cleverman]

9 hours ago, nwh said:

I showed affidavit from consul back in July no prob. Now I hear no longer admitted . Have to show income proof or 800,000 baht document from your bank. Beginning December. True??

 

Great, now won't have to pay embassy 1500 baht .

[phuketrichard]

its 1,700 baht in  a bank draft.... ????

[moe666]

There can be no major changes in retirement requirements until they are published in the police gazett. The US embassy has never guaranteed your statement they just notarize a statement you give if false it is on you if caught

[moe666]

13 hours ago, fforest1 said:

This is rubbish....But in Chang Mai the problems never seem to end...Huge lines,short on staff,changing rules etc etc...  

What rules have changed at Chiang Mai, they can ask for more proof that has always been on the books. The standard requirements have not changed in over 10 years, money, age being the two big ones.

[JackThompson]

33 minutes ago, moe666 said:

There can be no major changes in retirement requirements until they are published in the police gazett.

Someone needs to notify the local offices about this.  Some of them make up unpublished rules to block non-agent applications - sometimes adding another new rule each time you return with proof of having satisfied the last new-rule they tacked-on, to help you get the message.

[ubonjoe]

45 minutes ago, phuketrichard said:

its 1,700 baht in  a bank draft.... ????

The bank draft is only needed at outreaches. At the embassy they accept cash ($50 or baht at current embassy rate) or credit cards.

[moe666]

Just talked to my agent in Chiang Mai, Americans are the only group at present who have to show proof of income where your money comes from. The letter from the US cConsulate says that they do not gaurantee the amount on the letter. This is why they are now wanting to see more proof of income.

I asked her if a copy of a statement from my bank in the US was ok and she says yes, the statement also shows transfers to Thai bank account as well as ATM withdrawal.

 

 

[Fulham]

I showed affidavit from consul back in July no prob. Now I hear no longer admitted . Have to show income proof or 800,000 baht document from your bank. Beginning December. True??
 

Yes ot proof of 65000B per month into a Thai bank account

Sent from my SM-J710F using Thailand Forum - Thaivisa mobile app

[ubonjoe]

11 minutes ago, Fulham said:

Yes ot proof of 65000B per month into a Thai bank account

You are assuming he is from the UK. I think he is from the US.

[fforest1]

This thread is pointless nothing has changed for Americans...THREAD CLOSED..

[marcusarelus]

24 minutes ago, fforest1 said:

This thread is pointless nothing has changed for Americans...THREAD CLOSED..

It makes the people who have to go home because of an embassy change feel better if they can throw a little cold water on someones dream even though untrue.  An American in the States might read it and not come to Thailand and that would make those who have to leave feel better because they have made another person unhappy as they are.

Edited October 10, 2018 by marcusarelus

[PoorSucker]

16 hours ago, gk10002000 said:

So showing regular transfers in eh? 

 

[gk10002000]

5 hours ago, PoorSucker said:

 

I agree the embassies are not income or financial experts.  So do you expect us to then have to explain to Thai officials what our income and sources are?  Explain drawdown versus actual dividends and interest?  Explain apartment or office rental income?   What standards would they use?  Last years IRS USA 1040 form showing gross income?  I point out that much of my passive income is in my Traditional and ROTH IRA and that does NOT show up on the 1040 unless I withdraw from those accounts.  This whole income thing could easily be a mess.  I bet the Thais will step back and punt and just say show regular payments into a Thai account.  And it MUST be monthly, not every other month, not once every three months, not as needed.  If I fly into country and bring 10,000 USD I would not need to transfer anything in for 3 months.  Anyway, will see how it shakes out next year when I actually will need to do something

[Peterw42]

29 minutes ago, gk10002000 said:

I agree the embassies are not income or financial experts.  So do you expect us to then have to explain to Thai officials what our income and sources are?  Explain drawdown versus actual dividends and interest?  Explain apartment or office rental income?   What standards would they use?  Last years IRS USA 1040 form showing gross income?  I point out that much of my passive income is in my Traditional and ROTH IRA and that does NOT show up on the 1040 unless I withdraw from those accounts.  This whole income thing could easily be a mess.  I bet the Thais will step back and punt and just say show regular payments into a Thai account.  And it MUST be monthly, not every other month, not once every three months, not as needed.  If I fly into country and bring 10,000 USD I would not need to transfer anything in for 3 months.  Anyway, will see how it shakes out next year when I actually will need to do something

Yes, I agree with explaining complex incomes, it could be a nightmare. I am in a unique situation with some Australian investments, I live mainly off share dividends but the tax office hangs on to a percentage all year until I do a tax return. So pay-day, for a chunk of my income, is once a year.

Edited October 10, 2018 by Peterw42

[PoorSucker]

8 hours ago, gk10002000 said:

 So do you expect us to then have to explain to Thai officials what our income and sources are?  

Hey, don't attack the messanger, take your arguments to your embassy. 

[PETDCAT]

The American consulate still issues the income letter and it is needed to get visa. What has changed is that proof of income is required by Chiang Mai immigration. I just did my extension last week and this was my experience. 

[dotpoom]

Read yesterday's posts on here.

[johnjohn2]

PETDCAT how did you show your proof of income? Seasoned deposit or monthly income?

[Jingthing]

2 minutes ago, johnjohn2 said:

PETDCAT how did you show your proof of income? Seasoned deposit or monthly income?

The bank account method (800k in a Thai bank) requires NO INCOME. Income on such applications is not even asked for. Embassy income letters for such applications are not required, indeed would be discarded if incorrectly presented with such applications. 

[TPUBON]

Nothing on the American Embassy's web site.